According to the Journal's sources, Gaming and Leisure Properties (NASDAQ:GLPI) lifted its offer to just over $40 per share, or about $2.4B from the previous amount of $36 per share (all stock). Pinnacle Entertainment (NYSE:PNK) has until Thursday to respond.

Under the offer, Pinnacle (NYSE:PNK) owners would receive one share of OpCo (Pinnacle's operating business) and 0.5517 shares of Gaming and Leisure Properties (NASDAQ:GLPI) - which would include PNK's real estate assets - for each share of PNK they own. It works out to a price of about $36 per share vs. Friday's close of $27.42.

GLPI's and PNK's combined property business would be the third-largest triple-net REIT, with all of the scale, diversification, and financial strength that position comes with, says GLPI.

Pinnacle Entertainment (PNK-0.7%) launches a private offering of up to $800M of senior unsecured notes. The company plans to use the net proceeds to finance the cash portion of its pending acquisition of Ameristar Casinos, redeem its existing 8.625% senior notes due 2017, and provide working capital and funds for general corporate purposes upon completion of the acquisition. Additionally, the company says it's in the process of seeking commitments for a $1.6B term loan and a $1B revolving credit facility.

|Jul. 15, 2013, 2:24 PM

Dec. 27, 2012, 1:29 PM

Pinnacle Entertainment (PNK+0.8%) bucks a weak tape after being raised to Hold at Union Gaming Group. The upgrade comes on the back of the gaming company's all-cash deal last week to buy Ameristar Casinos (ASCA) for $869M.

|Dec. 27, 2012, 1:29 PM

Dec. 21, 2012, 7:27 AM

Ameristar Casinos (ASCA) is gobbled up by Pinnacle Entertainment (PNK) for $26.50/share, giving the company a total enterprise value of $2.8B. ASCA shares closed at $22.07 last night. Might Boyd Gaming (BYD) be on someone's shopping list? (PR)